Market Efficiency

Stock Returns, Aggregate Earnings Surprises, and BehavioralFinance ArXiv ID: ssrn-380127 “View on arXiv” Authors: Unknown Abstract We study the stock market reaction to aggregate earnings news. Previous research shows that, for individual firms, stock prices react positively to earnings ne Keywords: Stock Market Reaction, Aggregate Earnings News, Event Study, Market Efficiency, Information Asymmetry, Equities Complexity vs Empirical Score Math Complexity: 4.5/10 Empirical Rigor: 7.0/10 Quadrant: Street Traders Why: The paper uses standard empirical finance econometrics (time-series regressions, correlation analysis) without highly advanced mathematical derivations, but is heavily data-driven with a 30-year Compustat sample and robust statistical tests. flowchart TD A["Research Goal<br>Understand stock market reaction to aggregate earnings news"] --> B["Data: CRSP & Compustat<br>Time Period: 1988-2017"] B --> C["Methodology: Event Study<br>Construct SUE portfolios"] C --> D{"Key Computational Processes<br>Abnormal Returns Calculation"} D --> E["Analyze Abnormal Returns vs<br>Aggregate Earnings Surprise"] D --> F["Information Asymmetry Analysis<br>Trading Volume Patterns"] E --> G["Key Findings/Outcomes"] F --> G subgraph G ["Key Findings/Outcomes"] G1["Market Underreacts to Aggregate Earnings News"] G2["Abnormal Returns Persist Post-Announcement"] G3["Support for Behavioral Finance Over Market Efficiency"] G4["Information Asymmetry Explains Delayed Reaction"] end style G fill:#e1f5e1,stroke:#2e7d32 style A fill:#e3f2fd,stroke:#1565c0 style B fill:#fff3e0,stroke:#ef6c00

The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective ArXiv ID: ssrn-602222 “View on arXiv” Authors: Unknown Abstract One of the most influential ideas in the past 30 years is the Efficient Markets Hypothesis, the idea that market prices incorporate all information rationally a Keywords: Efficient Markets Hypothesis, Market Efficiency, Asset Pricing, Informational Efficiency, Financial Theory, Equity Complexity vs Empirical Score Math Complexity: 3.0/10 Empirical Rigor: 2.0/10 Quadrant: Philosophers Why: The paper proposes a conceptual framework (Adaptive Markets Hypothesis) to reconcile EMH and behavioral finance using evolutionary principles, but it lacks mathematical derivations, empirical data, or backtesting details, focusing instead on theoretical exposition and implications for practice. flowchart TD A["Research Goal:<br>Challenge EMH with<br>Evolutionary Perspective"] --> B["Methodology:<br>Literature Review &<br>Theoretical Framework"] B --> C["Input Data:<br>Historical Market Anomalies<br>& Behavioral Studies"] C --> D["Process:<br>Adaptive Markets Hypothesis<br>Integration (Lo 2004)"] D --> E["Key Findings:<br>1. Markets are adaptive<br>2. Efficiency varies<br>3. Profit opportunities<br>fluctuate with evolution"]

From State to Market: A Survey of Empirical Studies on Privatization ArXiv ID: ssrn-262311 “View on arXiv” Authors: Unknown Abstract This study surveys the literature examining the privatization of state-owned enterprises(SOEs). We overview the history of privatization, the theoretical and Keywords: Privatization, State-Owned Enterprises (SOEs), Emerging Markets, Corporate Restructuring, Market Efficiency, Equity Complexity vs Empirical Score Math Complexity: 2.0/10 Empirical Rigor: 3.5/10 Quadrant: Philosophers Why: The paper is a literature survey, reviewing historical trends and empirical findings rather than presenting new mathematical models or conducting data-heavy backtests. flowchart TD A["Research Goal: Analyze SOE privatization outcomes"] --> B["Methodology: Systematic Literature Review"] B --> C["Data: 100+ empirical studies on privatization"] C --> D["Computational Process: Meta-analysis & thematic synthesis"] D --> E["Key Findings: Privatization improves efficiency & market performance in emerging markets"] E --> F["Outcomes: Enhanced corporate restructuring, equity gains, & market efficiency"]